San Francisco Business Times: “San Francisco Penthouse Sale in Trumark Urban’s The Pacific Sets Record for Condo Sales”

May 31, 2017

San Francisco Penthouse Sale in Trumark Urban’s The Pacific Sets Record for Condo Sales

May 31, 2017 By Blanca Torres

A buyer paid $15.875 million for one of the penthouses in the Pacific, Trumark Urban’s 76-unit ultra-luxury condo development in Pacific Heights.

The per square foot price of $3,921 is one of the highest ever paid for a condo in San Francisco.

The development features some of the highest-priced new condos in the city, where prices have soared above $1,000 per square foot — a benchmark that used to be considered expensive. Meanwhile, more new condos are hitting the market.

Trumark kicked off sales at the Pacific last year with some units priced as high as $20 million. Buyers have snapped up more than 80 percent of the units including a penthouse sold last September for $11.75 million or about $3,817 per square foot and another penthouse that sold in August went for $8.95 million or about $3,464 per square foot.

“We are over 80 percent sold and that represents over $200 million in sales revenue,” said Arden Hearing, head of Trumark Urban. “Sales are exceeding our expectations. It’s clear the market is under-supplied for a ultra-luxury, hyper-local focused building.”

The development includes four “grand penthouses” that span two levels and feature terraces. Those units are sold to buyers as empty shells so that buyers can design their own homes to their taste.

The building is a conversion of a former dental school building into a residential high-rise in Pacific Heights, one of San Francisco’s most posh neighborhoods.

That neighborhood lacked new housing until developments such as the Pacific and the Luxe, a 34-unit project from Belrich Partners, hit the market, said Patrick Carlisle, chief market analyst with Paragon Real Estate Group.

The Luxe sold out in March with prices ranging from $1 million to $5 million or about $1,400 to $2,600 per square foot, according to Polaris Pacific, a condo marketing and research firm.

For several years, condo buyers mostly flocked to South Beach because there weren’t many options in other neighborhoods, Carlisle said, but that is changing.

“Now once again, buyers are focusing on prestige neighborhoods like Pacific Heights and Russian Hill,” he said. “Those are the classic, super affluent neighborhoods of San Francisco.”

Mansion Global: “San Francisco Penthouse Sale Breaks Price Record”

May 18, 2017

San Francisco Penthouse Sale Breaks Price Record

The four-bedroom duplex in Pacific Heights is the most expensive condo sold by square feet

May 18, 2017 By Beckie Strum

A penthouse at The Pacific in San Francisco has broken the city’s price record for the most expensive condo sold by square foot, Mansion Global has learned.

The four-bedroom, two-story unit spanning 4,048 square feet has sold for $15.875 million, according to property records. At $3,921 per square foot, the sale at the luxury new development, located on Webster Street in the ritzy neighborhood of Pacific Heights, sets a new condo price record for the City by the Bay, according to sales data from Redfin.

Only a few single-family house sales have been more expensive by square foot, including the Goldman House in Presidio Heights, which sold to the tune of $4,289 per square foot, or $17.5 million in total, in 2012, according to property records.

The Pacific, a nine-story building by Handel Architects, is a former dental school converted into a luxury building with 76 units. The record-breaking sale is for one of four top-floor units, which developer Trumark Urban is selling with customizable floor plans, according to the developer.

“We can move bathrooms around, we can move stairs around,” said Arden Hearing, managing director at Trumark Urban. “We are able to work with buyers to achieve their vision.”

The Pacific is the only new condo construction in Pacific Heights and is marketing itself as an ultra-luxury alternative to the many single-family homes in the upscale neighborhood, Mr. Hearing said.

The building is more than 80% sold since sales launched last summer and has brought in over $200 million in revenue, Mr. Hearing said.

This particular penthouse comes with a nearly 2,000-square-foot terrace and north- and west-facing views of the bay and the Golden Gate Bridge.

The buyer is listed in property records as venture capitalist Steven Merrill, who did not immediately respond to request for comment. The unit closed in January, records show.

JustLuxe: “San Francisco’s Crown Jewel: The Pacific”

May 15, 2017

San Francisco’s Crown Jewel: The Pacific

May 15th, 2017

Photos Credit: Steel Blue

Located in San Francisco’s most coveted neighborhood, The Pacific is a boutique community of 76 residences. The fabulous homes (which came on the market in summer 2016) have been quick to move, setting a new standard for luxury residences in a city teeming with new development.

With a complete range of amenities, including private vehicle valet, full service concierge, lobby attendant, a private Observatory Lounge overlooking the Bay and Golden Gate Bridge, a private guest residence called “The Fillmore” and a world class fitness center, The Pacific represents the pinnacle of cosmopolitan living in one of San Francisco’s most sought after enclaves.

The building’s stunning architecture was envisioned and executed by internationally acclaimed designer Glenn Rescalvo at Handel Architects and interior design of all common spaces and residences by Handel Interior Design. For The Pacific’s common areas, developer Trumark Urban turned to celebrated interior designer and art consultant Maria Di Grande of San Francisco-based MDG Art Advisory LLC, whose client list includes Calvin Klein, Donna Karan, and Giorgio Armani. To create dramatic, yet inviting spaces, Di Grande commissioned works by local Bay Area artists. Creators such as Elise Morris, Robert Kingston, Ned Evans, Thea Schrak and Sylvia Poloto worked to emulate the colors of Northern California’s sky, sea and mountains.

Residents have their choice from an array of one-, two- and three-bedrooms flats, as well as three-level townhomes. Each residence features distinctive entertaining spaces, chef’s kitchens, up to 11-ft ceiling heights and floor-to-ceiling windows with picturesque views of San Francisco that span from the Bay, the Golden Gate Bridge, the Presidio, the Marin Headlands, Tiburon and Sausalito, to the Island of Belvedere.

In addition, the Pacific Penthouse Collection is a unique offering of seven penthouses and four grand penthouses, the likes of which have not been seen before in the city. For a tour like never before, Trumark Urban has enlisted digital creative firm Steel Blue to visually simulate the Penthouse Collection at The Pacific, which is the largest and most advanced application of virtual reality in residential real estate to date. Via Samsung Gear VR headsets, owners can explore the building’s fully- designed penthouses, which are being sold as completely customizable shells at list prices reaching over $18 million for the 3,000 to 4,000 square-foot homes.

From the sunrise gleaming off the exquisite kitchen surfaces to visualizing the sun set on the fireplace of the elegant west-facing living room, prospective penthouse residents can envision their new home and be as involved in every aspect of the design as they wish.

Dwell: “Take a Virtual Walk through the Pacific Height’s Crown Jewel: The Pacific

May 4, 2017

Take a Virtual Walk through the Pacific Height’s Crown Jewel: The Pacific

May 4, 2017

The Pacific is a boutique community of 76 residences located in San Francisco’s prestigious Pacific Heights neighborhood. With a complete range of amenities, including private vehicle valet, full service concierge, lobby attendant, a private Observatory Lounge overlooking the Bay and Golden Gate Bridge, a private guest residence called “The Fillmore”, and a world class fitness center, The Pacific represents the pinnacle of cosmopolitan living in one of San Francisco’s most sought after enclaves.

The building’s stunning architecture was envisioned and executed by internationally acclaimed Glenn Rescalvo at Handel Architects and interior design of all common spaces and residences by Handel Interior Design.

With a total of 76 residences, across an array of one-, two- and three-bedrooms flats and three-level townhomes, each residence features distinctive entertaining spaces, chef’s kitchens, up to 11-ft ceiling heights and floor-to-ceiling windows with picturesque views of San Francisco that span from the Bay, the Golden Gate Bridge, the Presidio, the Marin Headlands, Tiburon and Sausalito, to the Island of Belvedere.

The Pacific Penthouse Collection is comprised of seven penthouses and four grand penthouses. For a tour and “look to the future” like never before, Trumark Urban has enlisted digital creative firm Steelblue to visually simulate the Penthouse Collection at The Pacific, which is the largest and most advanced application of virtual reality in residential real estate to date. Via Samsung Gear VR headsets, owners can explore the building’s fully designed penthouses, which are being sold as completely customizable shells at list prices reaching over $18 million for the 3,000 to 4,000 foot homes.

From the sunrise gleaming off the exquisite kitchen surfaces to visualizing the sun set on the fireplace of the elegant west-facing living room, prospective penthouse residents can envision their new home and be as involved in every aspect of the design to fully customize every detail as they wish.

To schedule your own tour, The Pacific is located at 2121 Webster Street, San Francisco CA 94115.
For more information, visit thepacificheights.com.